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Part time hobby becomes full time business The Lemai Café opens in


									                                                                                                                                                                August 2008 Vol. 4 No. 3

                                                                Visit our website at

  Calling small                                        Part time hobby becomes full time business
                                                       By: RMI SBDC Staff

  owners: “Are                                                       hat started out as a part
                                                                     time job will now became a

  you interested
                                                                     full time business for one
                                                       avid fisherman. Mr. Robin Reimers

  in networking?”
                                                       wanted to expand and increase his
                                                       part time revenue from the sales of his
                                                       catch so he sought the assistance of
                                                       the RMI Small Business Development
                                                       Center (RMI SBDC). After hearing
                                                       about the MicroFinance Loan available
        See page 3 for more                            through the Bank of the Marshall
            information                                Islands (BOMI), he decided to apply for
                                                       funding so that he could hire an addi-
                                                       tional fisherman and expand his fishing
                                                          After visiting the BOMI he was

                                                       referred to the RMI SBDC for assis-
                                                       tance in completing the required loan
                                                       package which included the business
  • Island Pawn Shop opens, Pg 2
                                                       plan and financial projections. The RMI
  • Island Business Link, Pg 2                         SBDC Director, Mr. Anel Philimon, pro-
  • JJQ Trading grows through SBA, Pg 3                vided Mr. Reimers with hours of busi-
                                                                                                        Above: Robin Reimers was able to expand his fishing business with the help of the
  • Kosrae SBDC hosts Island Business                                     See F u l l t i m e. Page 9   RMI SBDC.
  Link training workshops, Pg 4
  • Learn more about Palau SBDC work-
  shops, Pg 6
  • Shell LiveWIRE competition, Pg 7
                                                       The Lemai Café opens in Maite
  • N & P Noni Juice opens, Pg 8

                                                       By: Denise Mendiola Hertslet,
  • Yap interns learn on the job, Pg 12                Guam SBDC

                                                             t all started with a passion for
                                                             plants and flowers and a dream to
                                                             cook traditional and tasty food for
                                                       friends and family. Three friends, hus-
                                                       band and wife team Paul and Arlene
 The Pacific Islands Small Business Development
                                                       Bordallo and friend Sally Aquino got
 Center is a program supported by the U.S. Small       together and figured out how to get the
 Business Administration under a cooperative agree-    best of both worlds. With a lot of hard
 ment and extended to the public on a non-discrim-     work and planning, Nana’s Nursery
 inatory basis. SBA cannot endorse any products,       and The Lemai Café became a reality.
 opinions, or services of any external parties or
                                                       Before they started clearing and devel-
 activities. This material is based on work support-
 ed by the U.S. Small Business Administration. Any
                                                       oping the property owned by Paul and
 opinions, findings, conclusions or recommenda-        Arlene Bordallo, the business partners
 tions expressed are those of the author (s) and do    began meeting and created a plan of
 not necessarily reflect the views of the SBA.         action, fully supported by Arlene’s hus-
                                                       band, Paul.
                                                          Arlene and Sally visited the Guam
                                                       Small Business Development Center
                                                       and met with business counselor and
  Editorial/Production Staff                           Bank of Guam Women in Business                   Above: The Lemai Cafe features pleasant surroundings for diners.
                                                       program coordinator, Denise Mendiola
Rindraty Celes Limtiaco, President, G.P.I.             Hertslet to discuss their business               use as a guide. After several months,       began construction on The Lemai
Pacific Island Small Business Development              ideas. Ms. Hertslet went over the busi-          they began renovating the property          Café, designed to provide traditional
          Center Network, Editorial                    ness start-up process and provided               and opened Nana’s Nursery that fea-         food in an open-air environment and
                                                       business plan materials and resources            tured plants, flowers and landscaping
 Jae Fermin Medina, Advertising Director               that the business partners were able to          material. Earlier this year, the partners
                                                                                                                                                                            See C a f e.Page 7
Pacific Business Partners

                                                                                                                                                                                                   Pacific Business Partners
                                                Experience pays off-dreams do come TRUE!                                                                                                      Officers, Staff and Board Members

                                                By: Rodney Webb, Guam SBDC                                                                ness and opened as the sole proprietor
                                                                                                                                          of Island Pawn Shop (IPS). Today the
                                                            r. Kevin Galvez worked in the                                                 IPS continues to operate. IPS provides
                                                            pawnshop industry for almost                                                  loans in exchange for customer owned
                                                            seven years, starting out as                                                  merchandise that has value. Loan’s
                                                an appraiser in 2000. Over that period                                                    offered for acceptable collateral range
                                                of time, he took the opportunity to learn                                                 from a minimum of $5 to $15,000.
                                                as much as he could from his work                                                         Customers can buy back their items by
                                                experience. In particular, he gained                                                      repaying the loan amount plus interest.
                                                knowledge of how to distinguish                                                           According to Kevin, the keys to suc-
                                                authentic jewelry and watches from                                                        cess in this industry include providing
                                                imitations, and he also became a spe-                                                     high but practical price appraisals for                    Pacific Islands Small Business

                                                cialist in the latest trends in consumer                                                  customer’s merchandise. Kevin is also
                                                                                                                                                                                                      Development Center Network
                                                                                                                                                                                               Location: University of Guam, UOG Station
                                                technology.                                                                               very much aware of the need to keep                    P.O. Box 5014, Mangilao, Guam 96923
                                                  In the latter part of 2003, Mr. Galvez                                                  up to date with current technology and            Telephone: (671) 735-2590 • Fax: (671) 734-2002

                                                decided to pursue a B.A in Business                                                       be aware of the potential for a rapid

                                                Administration with a concentration in                                                    change in value of certain merchandise                   Casey Jeszenka, Network Director
                                                Marketing at the University of Guam.                                                      (especially electronics and technology             

                                                Due to his full load of classes, Mr.                                                      items).                                            Georgette F. Reyes, Associate Network Director
                                                Galvez decided to reduce his work                                                            IPS will allow customers to obtain             
                                                hours and continued to work part-time                                                     quick loans for small amounts without
                                                until his graduation in 2006.               Above: Kevin Galvez, owner of Island          the need of credit checks or lengthy
                                                                                                                                                                                          Betsy Chargualaf-Iriarte, Network Operations Manager

                                                                                            Pawn Shop.
                                                  Kevin has long recognized the need                                                      paperwork, and customers don’t have
                                                for additional pawnshops to serve            February 2007. They met weekly for 5         to worry about falling into long-term                              Guam SBDC

                                                Guam. This awareness, combined with                                                       debt. The main items that Pawnshops
                                                                                                                                                                                                P.O. Box 5014, Mangilao, Guam 96923
                                                                                             weeks to develop a sound business                                                             Telephone: (671) 735-2590 • Fax: (671) 734-2002
                                                the knowledge gained from school and         plan. This continued until it was com-       will accept as collateral for a loan or for      James E. (Jim) Denny, Senior Business Counselor
                                                his industry experience, prompted            pleted. He subsequently obtained a           sale are jewelry (primarily gold), per-               Denise Mendiola Hertslet, WIB Program

                                                Kevin to consider starting his own busi-                                                  sonal computers and laptops, musical
                                                                                                                                                                                                   Coordinator/Business Counselor
                                                                                             $75,000 loan from the Government of                                                                  Rodney Webb, Business Counselor
                                                ness.                                        Guam Federal Credit Union. Towards           instruments, game consoles and                         Lorie Sablan, Administrative Assistant
                                                  Kevin met with Rodney Webb, a              the end of the 2007 year Kevin real-         games, TV’s, watches, portable DVD
                                                Guam Small Business Development
                                                                                                                                                                                                             Chuuk SBDC
                                                                                             ized his dream of owning his own busi-                                                                  P.O. Box 1143, Weno, Chuuk,
                                                Center Business (SBDC) Counselor, in                                                                            Continued on Page 3              Federated States of Micronesia 96942
                                                                                                                                                                                            Telephone: (691) 330-5846 • Fax: (691) 330-5847
                                                                                                                                                                                             Ketsen Haregaichig, Acting Director/ Counselor

                                                Island Business Link - Biz 2 Biz                                                                                                                  Cassandra Dereas, Office Manager

                                                                                                                                                                                                               Yap SBDC

                                                By: Rodney Webb,                                                   people attended a workshop         OIA. To become a member, a
                                                                                                                                                                                                     P.O. Box 1171, Colonia, Yap,
                                                                                                                                                                                                    Western Caroline Island 96943
                                                Guam SBDC                                                          at the Guam Visitors Bureau        business person must read             Telephone: (691) 350-4801 • Fax: (691) 350-4803
                                                                                                                   (GVB) to introduce the web-        and accept the Terms of Use                       Email:

                                                  In July 2008 Mr. Matthew                                         site to interested GVB mem-        Agreement (compliance will
                                                                                                                                                                                                         James Limar, Director
                                                                                                                                                                                                        Monica Tinag, Counselor
                                                (Matt) Garcia, an MBA stu-                                         bers.                              be monitored by OIA). There                   Jacinta Primo, Office Manager
                                                dent at the Harvard Business                                          Island Business Link (IBL)      are three membership types:
                                                School and an Island Fellow,                                         Island Member - A business           Republic of the Marshall Islands (RMI) SBDC
                                                                                                                                                                                                         P.O. Box 1727, Majuro,
                                                was assigned by US                                                 is a web based business-to-        person located in one or                          Marshall Islands, 96960
                                                Department of Interior - Office                                    business (B2B) networking          more of the U.S. Insular                         Telephone: (692) 625-3685

                                                of Insular Affairs (OIA) to                                        tool. It has been developed to     Areas. If a person currently                    Email:

                                                                                  Above: The Island Business
                                                                                                                                                                                                         Anel Philimon, Director
                                                introduce a new and exciting                                       facilitate business links in the   resides outside of the Insular                  Leeno Aikuji, Office Manager
                                                business development tool to      Link website, at www.island-     U.S. Territories and Freely        Areas but has a business or
                                                Guam: www.islandbusi-                   Associated States, and to          investment opportunity in one                           Palau SBDC
                                                                                                                                                                                                            P.O. Box 9, Koror,
                                       An agreement                                         promote ongoing private sec-       of the Insular Areas, that per-                   Republic of Palau 96940
                                                was executed by OIA               Academy, Office of the           tor business development.          son will register as an Island        Telephone: (680) 488-6004 • Fax: (680) 488-1549

                                                appointing the Pacific Small      Governor, Guam Economic             IBL allows island business      Business.                                    Email:

                                                Business Development              Development and Commerce         owners to post business               Partner Member - An indi-
                                                                                                                                                                                                         Lisa Abraham, Director

                                                Center Network/Guam SBDC          Authority, Guam Department       opportunities on the Island        vidual who owns a business                              Kosrae SBDC

                                                as the coordinating agency        of Labor, University of Guam,    Business Link website.             outside the U.S. Insular Areas               P.O. Box 577, Tofol, Kosrae State,

                                                for the visit and the related     Guam Community College,          Entrepreneurs and potential        who is interested in learning
                                                                                                                                                                                                 Federated States of Micronesia 96944

                                                                                  Port Authority of Guam,
                                                                                                                                                                                            Telephone: (691) 370-2751 • Fax: (691) 370-2066
                                                computer-based training pro-                                       business partners can then         about business opportunities                       Email:
                                                gram.                             Guam International Airport       make connections by simply         in the islands with the poten-                    Skiller Jackson, Director

                                                  Initially, representatives      Authority, US Small Business     clicking a button.                 tial goal of partnering with
                                                                                                                                                                                                      Rinson Edmond, Counselor

                                                                                  Administration - Guam
                                                                                                                                                                                                    Atalia Jackson, Office Manager
                                                from industry umbrella organi-                                        IBL was established in          Island Members and/or
                                                zations and key government        Branch, and the Guam pro-        response to feedback               investing in business opportu-                   PISBDCN Advisory Board

                                                agencies were invited to the      curement offices of the U.S.     received from the last two US      nities in the islands.
                                                                                                                                                                                                      Mike Ady,Chairman (Guam)

                                                                                  Department of Defense.
                                                                                                                                                                                                 Phillip Reklai,Vice Chairman (Palau)
                                                Island Business Link (IBL)                                         Department of the Interior -          Government/Resource                 Casey Jeszenka, Secretary (PISBDCN/Guam)
                                                presentations, including the      Invitations were then extend-    Office of Insular Affairs (OIA)    Member - A representative of               Marcel Camacho, Member (Guam)

                                                Guam Chamber of                   ed to interested individual      sponsored “Conference(s) on        a local, state, national, or fed-
                                                                                                                                                                                                    James Gilmar, Member (Yap)

                                                                                  business people and the gen-
                                                                                                                                                                                                     Robert Pinho, Member (RMI)
                                                Commerce Small Business                                            Business Opportunities in the      eral government agency,                      Fred Skilling, Member (Kosrae)
                                                Committee, Chinese                eral public.                     Islands” and is modeled on         such as a local procurement                   Mason Fritz, Member (Chuuk)

                                                Chamber of Commerce,                Ultimately, 5 training work-   the business-to-business           or economic development
                                                                                                                                                                                                    Marie Mesa, Member (Guam)

                                                                                  shops were conducted Matt
                                                                                                                                                                                                   Anita Enriquez, Member (Guam)
                                                Guam Hotel and Restaurant                                          (B2B) meetings that were           office. A Resource Member                  Rindraty Limtiaco, Member (Guam)
                                                Association, Guam Visitor’s       Garcia from June 24 to July      held at these conferences.         may be a business support                 Christine Benavente, Member (Guam)

                                                Bureau, Guam Contractor’s         3, 2008. A total of 45 people       IBL is membership based
                                                                                                                                                                                                   Gloria Molo, Ex-Officio (GEDCA)

                                                                                  attended 4 workshops at the
                                                                                                                                                                                                      Ken Lujan, Ex-Officio (SBA)
                                                Association/Guam Trades                                            website that is managed by
                                                                                  Guam SBDC, and around 20                                                       Continued on Page 3

                                                                                                                                                                                                 Pacific Business Partners
Building mutual trust                                                                                                                                    Calling
By Ken Lujan, SBA                                                                                               disaster loans with the most
Guam Branch Manager                                                                                             recent loan coming from the

                                                                                                                devastating affects created
   In 1990, Cong Lin Wu                                                                                         by Typhoon Pongsona. The
established a wholesale com-                                                                                    SBA Disaster Loan in the

pany, JJQ Trading                                                                                               amount of $379,000 provided
International Co. Ltd (JJQ),                                                                                    assistance in repairing the
which distributes a variety of                                                                                  business and acquiring need-
goods including daily conven-                                                                                   ed inventory, which was lost                      re you interested
ience items, dried and                                                                                          from the storm, to keep its
                                                                                                                                                                  in networking
canned foods, cooking oils,                                                                                     clients afloat in their business
salt, sauces, vinegars, soft                                                                                    operations.                                       with other small
drinks, beer, wine, etc. Their                                                                                     Over the years, JJQ                   business owners? Would
customers vary from hotels,                                                                                     increased and improved its               you like to discuss topics
small and larger grocery                                                                                        distribution list of product             related to small business
stores, local government, mil-                                                                                  lines and became the sole                issues on Guam? The
itary, and educational institu-      JJQ Trading: Cong Lin Wu photographed with goods available                 distributor of many brand                first “Small Business
tions.                               through his company, JJQ Trading International Co. Ltd.                    name products which
                                                                                                                                                         Network Group” meeting
   Originally from Shanghai,                                                                                    include TS Brand Sugar,
Mr. Wu came to Guam in              to open his own wholesale               other small businesses typi-        Chin Chin Superbrand drinks,             will be coming up soon!
1984 to manage an existing          operation. While on Guam,               cally experienced on a tropi-       Hello Boss Iced coffee from                 For more information,
wholesale business, Chinese         he learned to cope with the             cal island …typhoons.               Taiwan, China’s No.1                     contact Barbara
Merchants Company. Shortly          conditions of living on an              During this period of develop-                                               McCarron at 637-7630 or
after its closure, he decided       island. He experienced what             ment, JJQ received two SBA                                         

 Experience: IPS offers variety of services
                                                                                                                          Continued on Page 7

                                                                                                             Island: Several features open to IBL members
                                                                                                                                                   access the website for free any
                                                                                                                      Continued from Page 2
                                  find great bargains for used        to support the growth and                                                    time of the day or night.
      Continued from Page 2                                                                                                                           For further information, or to
                                  merchandise that are typi-          economic development of
                                                                                                           organization, a non-profit busi-        request additional presentations of
                                  cally sold well below com-          the US affiliated islands in
  players, digital and video                                                                             ness or a non-governmental organ-         the Island Business Link program,
                                  parable retail prices.              the western pacific region
cameras, and tools.                                                                                      ization.                                  please contact Lorie Sablan at the
                                     IPS is located on Marine         by providing high quality
Customers are also given                                                                                   All IBL Members may describe            Guam SBDC at 735-2590 or lau-
                                  Drive across from the East-         training and one-on-one
the option to sell their mer-                                                                            their business and or interests in The Pacific
                                  West Center, and propri-            confidential counseling to
chandise outright to IPS.                                                                                doing business with other members         Islands Small Business
                                  etor Kevin Galvez looks             existing small businesses
  IPS also re-sells used                                                                                 in their profile; view other mem-         Development Center Network is a
                                  forward to assisting you            and to small business start-
merchandise that was                                                                                     ber’s information; contact other          program supported by the U.S.
                                  with any of his services.           ups. For more information,
either purchased outright or                                                                             members directly via email; update        Small Business Administration
                                     The Guam SBDC is a               please contact the Guam
acquired due to default by                                                                               their members profile and business        (SBA) under a cooperative agree-
                                  member of the Pacific               SBDC at (671)735-2590 or
the previous owner. This                                                                                 opportunity as appropriate; seek          ment. SBA does not endorse any
                                  Islands Small Business              visit the web at
makes IPS a consumer                                                                                     help from OIA if any problems arise       products, opinions, or services of
                                  Development Center        
store where customers can                                                                                in the use of the website; and            any external parties or activities.
                                  Network whose mission is

 Guam SBDC Training Schedule
                                                                                                                                           Friday, November 21st (9:00am-11:30am)
                                                                                                                                           “How to Get a Business Loan”
                                                                                                                                           Presented by Guam SBDC
                                                                                                                                           Fee: $20 per person

 AUGUST 2008                                 Friday, October 10th (9:00am-11:30am)                                                         Friday, November 28th (9:00am-11:30am)
                                             “How to Write a Business Plan”                                                                “How to Prepare a Marketing Plan”
 Friday, August 22nd (9:00am-11:30am)        Presented by Guam SBDC:                                                                       Presented by Guam SBDC
 “GUERILLA MARKETING”                        Fee: Free                                                                                     Fee: $20 per person
 Presented By Guam SBDC
 Fee: $20 per person                         Friday, October 17th (9:00am-12:00am)                                                         DECEMBER 2008
                                             “Double Entry Bookkeeping using Excel (Part 1 of
 Friday, August 29th (9:00am-11:30am)        2)”                                                                                           Friday, December 12th (9:00am-11:30am)
 “HOW TO GET A BUSINESS LOAN”                Presented by Guam SBDC:                                                                       “How to Manage a Business”
 Presented By Guam SBDC                      Fee: $25 per person                                NOVEMBER 2008                              Presented by Guam SBDC:
 Fee: $20 per person                                                                                                                       Fee: $20 per person
                                             Saturday, October 18th (9:00am-12:00pm)
                                                                                                Friday, November 7th (9:00am-11:30am)
 OCTOBER 2008                                “Double Entry Bookkeeping using QuickBooks (Part                                              All workshops will be conducted at the SBDC
                                                                                                “How to Start A Business”
                                             2 of 2)”                                                                                      #148 Jesus & Eugenia Leon Guerrero School of
                                                                                                Presented By Guam SBDC
 Friday, October 3rd (9:00am-11:30am)        Presented by Guam SBDC: This session is offered                                               Business & Public Administration Building on the
                                                                                                Fee: $20 per person
 “How to Start A Business”                   only to those who attended Part I of II, “Double                                              campus of the University of Guam. Advance signup
  Presented By Guam SBDC                     Entry Bookkeeping Using Excel”.                    Friday, November 14th (9:00am-11:30am)     and payment required at least 3 days prior to work-
 Fee: $20 per person                         Fee: $25 per person                                                                           shop date. Individuals interested in attending the
                                                                                                 “How to Write a Business Plan”
                                                                                                Presented by Guam SBDC                     workshop should contact Lorie Sablan at 735-2590
 Saturday, October 4rd (9:00am-1:30pm)       Friday, October 24th (9:00am-11:30am)                                                         or email Requests for
                                                                                                Fee: $20 per person
 “Introduction to Micro-Credit”              “How to Market your Business – The Basics”                                                    reasonable accommodations must be made 72
 Presented By Guam SBDC                      Presented by Guam SBDC                                                                        hours in advance. Services are extended to the
 Fee: $20 per person                         Fee: $20 per person                                                                           public on a non-discriminatory basis.

Pacific Business Partners

                                                Island Business Link Training Workshop-A Step
                                                Forward for the Kosrae Business Community
                                                By Kosrae SBDC                                                                                                               Link”. This program is primarily             pletion of each of the training
                                                                                                                                                                             designed to provide the online               workshops the number of post-
                                                   One of the potential barriers                                                                                             business opportunity link and                ings using the “Island Business
                                                which continue to impede oppor-                                                                                              easy access of island business               Link” system dramatically
                                                tunity for island businesses in                                                                                              people and government agencies               increased. This served as a
                                                Kosrae to actively seek participa-                                                                                           to post potential island business            good sign to show how well
                                                tion in global trade relation and                                                                                            opportunities and business ideas             received it has become to the
                                                commercial development involve                                                                                               to encourage outside investors to            Kosrae Business Community and
                                                remoteness in the island’s geo-                                                                                              invest in the island economy. In             more so how it would prosper in
                                                graphical position away from the                                                                                             addition, this investment tool is            the future. On the same note,
                                                main global trading markets.                                                                                                 also designed to allow users to              offering an opportunity for partici-
                                                Adequate access of local busi-                                                                                               access to information regarding              pants to then recommend
                                                ness people to promote business                                                                                              business opportunity within the              improvement to the current fea-
                                                opportunities to interested global                                                                                           Micronesian, other U.S. territories          tures of the system. Again as
                                                investors from different business                                                                                            and insular possessions with                 envisaged, the use of this online
                                                industries will remain as a corner-                                                                                          regional and other international             business investment link will
                                                stone to improve future invest-                                                                                              business and government part-                allow one-on-one relation among
                                                                                        Above: Ms. Kelly Meksa (DOI OIA Rep), Senator Gibson T. Siba
                                                ment opportunity in our continu-                                                                                             ners.                                        potential investors and encour-
                                                                                        (owner of T.E. Block Plant and Equipment Rental) and Skiller
                                                ing quest for a strong and vibrant                                                                                              Following the completion of               age island business people to
                                                                                        Jackson Kosrae SBDC Director (Island Link System Trainer) go on
                                                private sector lead economy.                                                                                                 training, the island fellow student          personal meet with investors
                                                                                        the Island Business Link.
                                                   In July 2008, an agreement                                                                                                also met with various island busi-           during the upcoming Business
                                                was executed by the United                                                                                                   nesses and government agencies               Opportunity Conference which is
                                                States Department of Interior           Kosrae Small Business                       Columbia Business School, was            to help them by providing instruc-           slated to be held in April , 2009
                                                Office of Insular Affairs (OIA)         Development Center coordinated              assigned to the FSM States of            tion on useful tips to use in creat-         in Honululu. The Kosrae extends
                                                appointing the Pacific Small            the Island Fellow Program work-             Kosrae and Pohnpei to imple-             ing marketable investment oppor-             its heartfelt appreciation for this
                                                Business Development Center             ing in close collaboration with             ment the Island Business Link            tunity postings with hope to even-           wonderful training opportunity.
                                                Network and its Service Centers         Kosrae State Government and                 (IBL) train the trainers training        tually lure increase in outside              For more information regarding
                                                as the coordinating agency for          the Kosrae Chamber of                       and also to interested individuals.      investors in the domestic private            the Island Link System training,
                                                the visit and the related comput-       Commerce. Miss Kelly, Miksa,                The OIA recently designed B2B            business sector of the economy.              please contact the Kosrae SBDC.
                                                                                        a Master’s of Business                      (business-to-business) software

                                                SBDC Business Workshops Uncover Great Interest
                                                er-based training program. The                                                                                               Interestingly, and following com-
                                                                                        Administration student from                 internet program “Island Business

                                                                                                                  By Kosrae SBDC                                   participants also felt that the informa-         recognized that with the increase in
                                                                                                                                                                   tion presented served as an “eye-                the price of fuel some people who had
                                                                                                                     The Kosrae SBDC offered business              opener” and provided them with tools             initially registered to attend trainings
                                                                                                                  training workshops on Business                   to tailor plans to target their audiences        have since cancelled to avoid the trav-
                                                                                                                  Planning and Marketing                           and readers. It also helped to increase          el.
                                                                                                                  Fundamentals during the month of                 their understanding of the important                Therefore, re-implementing the out-
                                                                                                                  June 2008. Session #1 involved busi-             elements of marketing, including but             reach training to aid in reaching the
                                                                                                                  ness planning and Session #2 was                 not limited to topics of marketing mix,          SBDC prospects will definitely help
                                                                                                                  related to Marketing Fundamentals.               positioning, segmentation, research,             the Kosrae SBDC in meeting its mis-
                                                                                                                  Following completion of each training            marketing research, distribution and             sion and continue to bring SBDC
                                                                                                                  session, participants personally                 channeling of products.                          exposure to the Community respec-
                                                                                                                  expressed their appreciation for this               Despite the expressed motivation              tive of the services that are available.
                                                                                                                  opportunity to participate in these              by the participants, they were also              The Kosrae SBDC is a member of the
                                                                                                                  workshops. Some felt they had been               advised to be cautious and be more               Pacific Islands Small Business
                                                                                                                  fiddling with business ideas in their            realistic about their business dreams            Development Center Network whose
                                                                                                                  minds and had general ideas on how               and marketing plans and to make                  mission is to support to support the
                                                                                                                  to market their products but desper-             realistic financial projections.                 growth and economic development of
                                                                                                                  ately needed help on puzzling the                   With the growing interest for train-          the US affiliated islands in the western
                                                                                                                  pieces together to eventually land               ings, the Kosrae SBDC staff formal-              pacific region by providing high quality
                                                                                                                  their business in the future. Some               ized a plan to implement similar train-          training and one-on-one confidential
                                                                                                                  trainees also felt that the presentation         ing opportunities at the community               counseling to existing small business-
                                                Above: Participants registering for the Kosrae SBDC               gave them the needed opportunity to              level beginning in August 2008. This             es and to small business start-ups.
                                                Business Planning Workshop with the help of Rinson H.             explore in more detail the essential             plan will also serve to increase the             For more information, please call
                                                Edmond, Business Counselor.                                       elements required to successfully                number of participants targeting com-            Kosrae SBDC at (691)370-2751 or
                                                                                                                  transform their ideas into action. The           munity youth groups and women. It’s              visit the web at www.pacificsbdc.

                                                                               Kosrae SBDC Training Schedule
                                                                                                                                                                                                   For more information, please contact the Kosrae SBDC at
                                                                                                                                                                                                   (691)370-2751 or call the municipal offices for the outreach
                                                                                                                                                                                                   training to register your name. Individuals interestd in attend-
                                                                               25-Jul                      15-Aug                         29-Aug                       19-Sep                      ing the scheduled workshop can also register on the web at
                                                                               Cash Flow Analysis          Youth entrepreneurship         Youth entrepreneurship       Women In Business  or send an email message to
                                                                               SBDC at campus of College   Utwe Municipal Office          Malem Muncipal Office        Malem Muncipal Office The Kosrae SBDC is a program supported
                                                                               Of Micronesia                                                                                                       by the U.S. Small Business Administration and extended to
                                                  21-Jul                                                   22-Aug                         12-Sep                       26-Sep                      the public on a non-discriminatory basis. SBA cannot endorse
                                                  Pricing Straties & Tactics   8-Aug                       Women In Business              Youth entrepreneurship       Youth entrepreneurship      any products, opinions, or services of any external parties or
                                                  SBDC at campus of College    Business Planning           Utwe Municipal Office          Lelu Municipal Office        Tafunsak Municipal Office   activities. Reasonable accommodations for persons with dis-
                                                  Of Micronesia                SBDC at campus of College                                                                                           abilities will be made if requested at least two weeks in
                                                                               Of Micronesia                                                                                                       advance.
Pacific Business Partners

                                                    Palau SBDC hosts Marketing & Sales
                                                             Marketing opens the door to business and Sales
                                                                                                                         By: Palau SBDC                    know where you are, who you       ness and for any further
                                                                                                                                                           are, and what services your       assistance they can always
                                                                                                                           Once again, Marketing &         provide or products you sell.     contact the Palau SBDC.
                                                                                                                         Sales is one of the top topics    It is the most vital and impor-      The Palau SBDC mission is
                                                                                                                         for small businesses. Hence,      tant part of any business         to support the growth and
                                                                                                                         on May 14, 2008, one of           starting out. In other words,     economic development of the
                                                                                                                         Palau SBDC’s youngest and         marketing is “the air” that       Republic of Palau by provid-
                                                                                                                         enthusiastic resource partner     businesses breath; it is what     ing high quality one-on-one
                                                                                                                         in Marketing & Sales was          keeps it alive!”                  confidential counseling and
                                                                                                                         summoned to conduct a                The small group who            training as well as innovative
                                                                                                                         refresher course.                 attended the training consist-    workshops to existing and
                                                                                                                           The refresher course includ-    ed of ; members of Palau          prospective small businesses.
                                                                                                                         ed, marketing mix, how to tar-    Visitors Authority Marketing      Dedicated to this mission, the
                                                                                                                         get your market, and ideas on     Team, Belau Tourism               SBDC embraces every oppor-
                                                                                                                         where to market your product      Association, a non-profit         tunity to conduct outreach and
                                                                                                                         and services.                     organization, Palau National      provide its services to all the
                                                                                                                           When asked to give a short      Communications Center, as         state in the Republic. For
                                                                                                                         brief on Marketing & Sales,       well from the business com-       inquiries and more informa-
                                                                                                                         Mr. Obi states, “Marketing        munity such as Computer           tion, please contact the center
                                                                                                                         opens the door to businesses      Plus, and individuals from the    at tel. #488-6004 or e-mail to
                                                Above: Participants of Palau SBDC’s Marketing and Sales

                                                 One Voice, One Goal, One Vision
                                                                                                                         and Sales. Without                community. We wish all the or
                                                Workshops.                                                               Marketing, people will not        participants the best in busi-

                                                                                                                                                                                       Palau SBDC
                                                                  New Group created to promote as ONE!                                                                                 Training
                                                By: Palau SBDC                                                                                      SBDC. In a joint effort with
                                                                                                                                                    the Bureau of Agriculture,          All workshops are open to all quali-
                                                   In conjunction with Bureau                                                                       the Palau SBDC is in full           fied small business owners, man-
                                                of Agriculture, Palau SBDC                                                                          force to foster the develop-        agers, key personnel and individuals
                                                conducts training on                                                                                ment, growth, and sustain-          planning to open or thinking about
                                                “Business Development” to                                                                           ability of Root Crops               starting small business ventures.
                                                a newly formed group                                                                                Association and similar type        The workshops will start at 6:00
                                                called, Root Crops                                                                                  of non-profit organizations         pm. For location, please contact the
                                                Association. The organiza-                                                                          in support of self-reliance
                                                                                                                                                                                        Palau SBDC at (680)488-6004 or
                                                tion consists of farmers who                                                                        economy.
                                                                                                                                                      Dedicated to its mission,         email: or
                                                are directly in root crop
                                                farming for business.                                                                               the SBDC embraces every    Requests
                                                Similarly, consisted of mem-                                                                        opportunity to conduct out-         for reasonable accommodations
                                                bers from all over Palau;                                                                           reach and provide its serv-         must be made72 hours in advance.
                                                some directly employed                                                                              ices to all the state in the        Services are extended to the public
                                                through their own farming                                                                           Republic. For inquiries and         on a non-discrimina-
                                                income, some are govern-                                                                            more information, please            tory basis.
                                                ment retirees who are still                                                                         contact the center at tel.
                                                very enthusiastic and strong       Above: Participants of a Business Development training          #488-6004 or e-mail to
                                                advocates of a self-reliant        program, conducted by the Palau SBDC in conjunction    or
                                                country creates its own food       with the Bureau of Agriculture.                       
                                                concept, and few are still                                                                         The Palau SBDC mission is
                                                working and farming at the         ly, then perhaps economi-       and adoption of their organi-   to support the growth and
                                                same time.                         cally through production of     zational by-laws and elec-      economic development of
                                                   “We are very proud of           its own food”, states Lisa K.   tion of their officers.         the Republic of Palau by
                                                these groups and we will           Abraham, Director of Palau      Hence, when the session         providing high quality one-
                                                provide all needed assis-          SBDC.                           completed, they were organ-     on-one confidential counsel-
                                                tance to them whenever                On the same day, follow-     ized. Through this process,     ing and training as well as
                                                possible. Similarly, we            ing the conclusion of the       the group will function with    innovative workshops to
                                                believe that Palau has to          training, the group also con-   “One Voice, with One Goal,      existing and prospective
                                                create its products towards        cluded their last step to       towards One Vision”, states     small businesses.
                                                self-reliance; if not financial-   finalization; final approval    Lisa K. Abraham, Palau

 Cafe: Lemai serves up local favorites

                                                                                                                                                                                      Pacific Business Partners
                                                                                                                                         Business program at the Guam Small
                                                                                                                                         Business Development, UOG, pro-
                                                                                                                                         vides technical assistance to women
                                                                                                                                         business owners and women who
                                                                                                                                         want to start a business. A business
                     Continued from Page 1 The Chamorro Culinary Heritage menu                Ham Hock w/ mongo beans, Bistek            counselor will assist the prospective
                                                 includes Bistek Chamorro, Eskabeche,         Chamorro and Grilled Pork Chop. For        entrepreneur through the business
                                                 Tinaktak and Fritada to name a few.          those who are looking for a place to       planning process and will also provide
  surrounded by natural foliage. The             The Vintage Filipino menu includes           have a function, Lemai Café is also
Lemai Café held its grand opening cel-                                                                                                   long term assistance to those who are
                                                 Bulalo (Beef Shank), Sinigang Pork or        available for small to medium parties      already in business.
ebration on August 8, 2008 at 6:30pm,            Prawns, Calderata (Beef Stew), and           in the evenings.
with many friends and family present.                                                                                                      For more information about the Bank
                                                 Tinola. The café also features meals           The Lemai Café is open from 7am to       of Guam Women in Business program
Arlene and Sally were pleased to                 for people on-the-go, such as Garlic         2pm, Monday to Saturday, and is
receive an overwhelming positive                                                                                                         contact Denise Mendiola Hertslet, pro-
                                                 Fried Chicken, Spice Rubbed Pork             located on Route 8, Maite (next to         gram coordinator, at 735-2594 or
response from their well-wishers.                Chops, and Meatloaf. The Café also           Cars Plus). For more information, call

   Trust: JJQ looks forward to growth
  The Lemai Café features Chamorro,                                                                                            
                                                 provides specials on Wednesdays and          475-6262 or fax to 475-6260.
Filipino and International favorites.            Fridays that include Fried Parrot Fish,        The Bank of Guam Women in

                                                                                                                                         CCTV products. They will be introducing
                                                                                                                                         this new product line to the market by
                                                                                                                                         the end of the year.
                                                                                                                                            Mr. Wu spends quality time in network-
                                                                                                                                         ing and is able to attract new customers
                     Continued from Page 3         As the business grew, JJQ decided to       way they can and with the best products    and maintain current ones based on his
                                                 forego leasing a building and own its        they can offer. The product lines they     excellent salesmanship and customer
                                                 office and warehouse which was pur-          acquired, such as Lady Liberty canned      service. He also served as President of
  Tsingtao beer, Pagoda Brand                    chased in 2003 through a SBA Guaranty        goods, mayonnaise, and cooking oils,       the United Chinese Association of Guam
Shaoxing rice wine, Thailand’s Chaokoh           Loan with Citizen Security Bank (CSB) in     has allowed the company to compete         and Board of Directors for the Chinese
Brand coconut milk and drinks, Mater A-          the amount of $750,000. In addition,         with other food wholesalers as well as     Chamber of Commerce of Guam.
1 canned tuna from Thailand, Ko Ko               JJQ has acquired another SBA                 supplement its current product lines to       With the pending military buildup, Mr.
brand Jasmine Rice, and Totole Brand             Guaranteed Loan in the amount of             better serve and meet the needs of their   Wu hopes to continue to build mutual
Chicken Powder. According to Mr. Wu,             $150,000 with CSB for a line of credit to    clients.                                   trust and form other business alliances
“Building mutual trust is the foundation of      purchase additional inventory.                  Recently, JJQ acquired a new product    to better serve his customers and
our successful business relationships              They have strived to follow a commit-      line from SVA (Shanghai), which carries    improve relationships within the local

 Guam Shell LiveWIRE Business Plan Competition
with customers as well as suppliers.”            ment of serving the customers the best       LCD HD Televisions, LCD Monitors and       community of Guam.

  2008 Challenges Aspiring Young Entrepreneurs
   Shell LiveWIRE is a Global Shell initia-

                                                                                                                                          To enter
tive. It began in the United Kingdom in
1982. The project has been around for
over 20 years and Guam’s program rep-
resents the 17th country in which it oper-                                                                                                Shell LiveWIRE NOW chal-
ates. The Guam program started in 2002
and is now in its 6th year of success.
                                                                                                                                          lenges Entrepreneurs
This program encourages participants to                                                                                                   between the ages of 13
think through their business ideas to cre-                                                                                                through 30 in “STARTING
ate a formal, documented business plan.
In addition to the personal assistance                                                                                                    AND ACCELERATING
received by Guam participants, young                                                                                                      YOUNG BUSINESS IDEAS”
entrepreneurs between the ages of 13
through 30 will compete for cash prize                                                                                                    Do you have what it really
awards for first, second and third place                                                                                                  takes to just do it? Are you
winners at the end of the competition.
Shell directly contributes around $3                                                                                                      ready? Contact the Shell
Million to Shell LiveWIRE programs glob-                                                                                                  LiveWIRE coordinators Ms.
   Shell LiveWIRE plays an invaluable
                                                                                                                                          Georgette F. Reyes at 735-
community service role through the prac-                                                                                                  2591 (Guam Small Business
tical assistance it gives future business
people - not only for their own personal
                                                                                                                                          Development Center) or
success, but also for the jobs they will         2007 winners: From left to right: Eka Melani, Beaudy Camacho, Zachary Damian,
                                                                                                                                          Eileen Guerrero at 647-0123
create and for the overall benefit to the
                                                 Amanda Paciente, Audrey Taitano & Adelle Dimalanta, Monica Cruz & Bernalyn Silverio      ext. 109 (Shell Guam).
business world.
   What’s in it for you?
                                                 LiveWIRE program we can assist you in        LiveWIREs are developing their ideas        AND LET’S SEE IF YOU HAVE
   Being your own boss, making your
own decisions, being a success. It’s an
                                                 moving closer to making that final deci-     and preparing their business plans.         WHAT IT TAKES TO MAKE IT
                                                 sion about starting your own business.         G Each applicant will be provided a
attractive idea, isn’t it? Or is it? Could
                                                 Shell LiveWIRE does a number of things       copy of the Shell LiveWIRE Business         HAPPEN!!!
you cope with long hours, isolation, and
                                                 to assist, we provide:                       Plan Guidelines booklet;
                                                   G Assistance and guidance to organize        G Participate in Business Planning
Guam Shell LiveWIRE can help you                                                                                                         On average you will need to spend about
                                                 your thoughts with a view to write a busi-   Workshops; and
decide if running a business could be                                                                                                    10 hours per week for 12 weeks to pro-
                                                 ness plan (a document stating just how         G The opportunity to win a share in
right for you. It will help you start to think                                                                                           duce a realistic and viable business plan.
                                                 & why your business will work);              $16,000 dollars cash prize.
through your business idea with the aim                                                                                                  You must be prepared to also work with
                                                   G Each accepted applicant with a busi-       Is there a cost to you?
of creating a formal, documented busi-                                                                                                   a volunteer business mentor, who is
                                                 ness mentor who will maintain close con-       There is NO financial cost to you.
ness plan.                                                                                                                               there to provide general business advice.
                                                 tact over a three-month period while         However there is the cost of your time.
   By becoming part of the Guam Shell
Pacific Business Partners

                                                N & P Noni Juice Business Project                                                                                                     Why Small
                                                                                                                                                                                      Businesses Fail
                                                Opens at Ajeltake Village                                                                                                               The failure rate for
                                                                                                                                                                                     small business has
                                                                                                                                                                                                                       weaknesses, and
                                                                                                                                                                                                                       their likely response
                                                                                                                                                                                     been the subject of               to your entry into the
                                                By RMI SBDC                                                                                                                          many myths and half-              industry.
                                                                                                                                                                                     truths due to the                    6. Poor customer
                                                   After an extensive amount of                                                                                                      absence of solid reli-            service – Lack of
                                                research and planning, Nesia T.                                                                                                      able statistical evi-             commitment to reli-
                                                Pauliss fulfilled her dream of                                                                                                       dence. However,                   able, responsive and
                                                starting the first ever noni juice                                                                                                   based upon a study                helpful service to
                                                business located in Ajeltake                                                                                                         of firms started in the           customers.
                                                Village of Majuro Atoll. It is                                                                                                       2nd quarter of 1998                  7. Poor record
                                                reported as being one of the                                                                                                         and tracked for 16                keeping and financial
                                                fastest revenue generating busi-                                                                                                     quarters, the US                  controls – Insufficient
                                                ness in the Republic of the                                                                                                          Small Business                    attention to the busi-
                                                Marshall Islands (RMI) notably in                                                                                                    Administration (Office            ness cycle and to
                                                Majuro and Ebeye. According to                                                                                                       of Advocacy) found                managing your cash
                                                Nesia, this is what really encour-                                                                                                   that 66% of new                   flow (especially
                                                aged her to work hard to start                                                                                                       businesses with                   accounts payable
                                                this business venture supported                                                                                                      employees survive at              and receivable).
                                                                                                                                                                                     least 2 years and                    8. Limited number
                                                by years of research to justify
                                                                                         Above: Neisha Paulis, owner of N & P Noni Juice Business                                    44% survive at least              of products or servic-
                                                that her idea is feasible.
                                                                                                                                                                                     4 years. There                    es – Variety and
                                                   To start, the process included        After completing numerous coun-              individuals. To date, her sales                appear to be 12 main              diversification serve
                                                travelling long distances from her       seling sessions, Nesia’s business            have been increasing.                          reasons why small                 as risk management
                                                primary place of residence               plan was finalized and prepared                The RMI SBDC extends con-                    businesses fail:                  against the ups and
                                                (Aljetake Village) to meet with the      for submission to the bank.                  gratulation to Nesia for a job well               1. Poor planning -             downs of business
                                                RMI Small Business                         On the 8th of April, the Noni              done and for continued success.                The lack of a strate-             cycles.
                                                Development Center to obtain             business proposal was deemed                   For more information on the                  gic business plan to                 9. Over-reliance on
                                                technical assistance. On                 favorable for financing. Bank of             services available through the                 help you focus on                 a few large cus-
                                                February 8, 2008, Nesia had her          the Marshall Island approved a               RMI Small Business                             vision, mission and               tomers – The loss of
                                                first counseling session with the        micro credit loan for the request-           Development Center, please con-                goals.                            a single customer
                                                SBDC to discuss her business             ed amount of $1,000. The total               tact 625-3685 or stop by the                      2. Not enough capi-            can cause a suc-
                                                idea and get the process started         business valued at $1,250 with               office at 1727 Lagoon Boulevard,               tal - Adequate startup            cessful business to
                                                to develop a business plan to be         the additional $250 self invested.           Mako Building to schedule an                   capital should always             fail.
                                                submitted to the Bank of the             At the time of started, N & P Noni           appointment.                                   include enough                       10. Poor time man-
                                                Marshalls for possible financing.                                                                                                    money to survive on               agement – Lack of

                                                F u l l t i m e : Reimer continues to grow
                                                                                         Juice Business employed two
                                                                                                                                                                                     without income while              discipline and com-
                                                                                                                                                                                     getting the business              mitment to getting
                                                                                                                                                                                     is getting started.               things done timely.
                                                                                                                                                                                        3. Lack of prior                  12. Burnout –
                                                                                                                                                                                     business experience               Owning a business
                                                                 Continued from Page 1   Mr. Reimers received a call from             ties.                                          - In either running a             takes a significant
                                                                                         the BOMI that his loan for $5,350               The RMI SBDC would like to                  business or in the                investment of time,
                                                                                         was approved as submitted.                   wish Mr. Robin Reimers continued               target industry.                  money, energy and
                                                  ness counseling and training to          With this funding, Mr. Reimers’            success and a plentiful catch.
                                                ensure he understood the process                                                                                                        4. Poor marketing –            emotion. Not balanc-
                                                                                         total business expansion increased              For more information on the serv-           Lack of focus in plan-            ing your business
                                                and that the loan package was            to $30,350. He will be able to pur-          ices available through the RMI
                                                complete.                                                                                                                            ning and implement-               and your personal life
                                                                                         chase additional fishing equipment           Small Business Development                     ing a marketing plan.             will cause your moti-
                                                  Once completed, it was then sub-       and supplies as well as hire anoth-          Center, please contact 625-3685 or
                                                mitted to the BOMI for review and                                                                                                       5. Not understand-             vation and creativity
                                                                                         er fisherman to assist and support           stop by the office at 1727 Lagoon              ing your competition              to suffer.
                                                favorable approval. Within less          his existing staff of 3 employees            Boulevard, Mako Building, to
                                                than one week after submission,                                                                                                      – Their strengths and

                                                   RMI SBDC Training Schedule
                                                                                         with the increase in fishing activi-         schedule an appointment.

                                                                                                                                                                     All workshops are open to all qualified small business owners, managers,
                                                                                                                                                                     key personnel and individuals planning to open or thinking about starting
                                                                                                                                                                     small business ventures. All workshops are free of charge and will be
                                                                                                                                                                     conducted at RMI SBDC located at the Marshall Islands Development
                                                    August 19                   10 a.m. to 12 noon          November24                        10 a.m. to 12 noon     Bank (MIDB) in Room 404. Space is limited; advance sign up is required
                                                    Recordkeeping                                           Marketing                                                to have your seat reserved. For more information, please call Leeno
                                                    10 a.m. to 12 noon          September 21                10 a.m. to 12 noon                December 13            Aikuij at (692) 625-3685. Registration can also be done
                                                                                Recordkeeping                                                 Recordkeeping          through a web request at
                                                    August 20                   10 a.m. to 12 noon          November15                        10 a.m. to 12 noon     or email
                                                    Recordkeeping                                           Customer Service                                         Request for reasonable accommo-
                                                    10 a.m. to 12 noon          October 21                  10 a.m. to 12 noon                December 16            dations must be made 72 hours
                                                                                Business Plan                                                 Financial Statement    in advance. Services are
                                                    August 20                   10 a.m. to 12 noon          December 16                       10 a.m. to 12 noon     extended to the public on a
                                                    Recordkeeping                                           Financial Statement                                      non-discriminatory basis.
                                                    10 a.m. to 12 noon          October23                   10 a.m. to 12 noon                December 17            Please note: this training
                                                                                Tax and Licensing                                             Marketing              schedule is subject to
                                                    September 20                10 a.m. to 12 noon          December 12                       10 a.m. to 12 noon     change without notice.
                                                    Recordkeeping                                           Business Plan Tax and Licensing

                                                                                                                                                                                        Pacific Business Partners
Good Financials Lead                                                                                Business Plan Tips
to Positive Cash Flow
                                                                                                       Spend Money on Advertising             plan. You need to know when
                                                                                                    To Boost Retail Sales This                to emphasis advertising in your
                                                                                                    Month                                     marketing mix. You can’t adver-
                                                                                                       Advertising is one of the most         tise everywhere all the time. Be
                                                                                                    important tools a retailer has. A         selective before you ever spend
                                                                                                    sound understanding of its use            that first dollar.
By: James E. (Jim) Denney                       They are also valuable tools for owners and         and elements will result in more             As part of your advertising
                                                managers to monitor and control business            effective advertising. For some           plan, budget for the creative
   In preparing the training session            operations, plan growth and profitability, and      businesses seasonal ads are               concept, layout and production
“Introduction to Financial Statements for       to confirm the accuracy of reports made by          the most effective. For others,           of an advertising theme. If at all
Business Owners/Managers”, it was my            everyone in the company. But it has been            ongoing print ads for special             possible, hire someone special-
intention to show that these people could       my experience over the past ten years that          sales work best. Still others will        izing in advertising to develop a
never follow the Golden Rule of business        more than half of the business owners and           utilize radio to capture the              campaign for you. This does
without using financial statements. Years       managers cannot use their financial state-          attention of the market for that          not have to be expensive. You
ago someone joked with me that the Golden       ments for two (2) major reasons: first, the         limited time only sale. And now           can choose between advertis-
Rule of business is “He who has the gold        statements are not formatted properly; and,         more than ever, companies are             ing agencies, graphic design
(cash), makes the rules.” But to one man, in    second the owner/manager can’t read them            advertising with their own                firms and freelance marketing
1902, this was no joke and he opened the        in the first place.                                 Internet Web site or “renting”            pros. This expertise can help
“Golden Rule Store”. His idea was “to make        Properly formatted statements are organ-          space on commercial sites that            provide you with the savvy
money and build                                                           ized according to         offer storefronts for their prod-         copy that attracts customers

                         “Today, in our world of
business through                                                          Generally Accepted        uct promotion and ordering.               interest, attention and action. If
serving the communi-                                                      Accounting                   Whatever form advertising              you can’t afford to invest in a
ty with fair and hon-
est value.” The
                         fierce global competition,                       Principles (GAAP)
                                                                          which establishes a
                                                                                                    takes, the financial commitment
                                                                                                    to advertise is a very basic
                                                                                                                                              campaign theme. Carefully plan
                                                                                                                                              your messages and goals for
Golden Rule Store        access to timely, accurate                       clear audit trail back    business decision. Advertising
                                                                                                    expenses should be planned
                                                                                                                                              the ads and get production sup-
                                                                                                                                              port from the television station,
                         and properly structured
was an immediate                                                          to the source docu-
success. “By the end                                                      ments through a           with a return on investment in            radio station, newspaper or
                                                                                                    mind. For every advertising dol-          magazine running the ads.
                         financial statements, and the
of the (first) year it                                                    well-structured filing
had sold $28,898.11                                                       system. Source doc-       lar, the business must recoup a              An advertisement should gen-

                         ability to read (financial state-
worth of goods and                                                        uments are the origi-     percentage as part of every               erate a buying response. The
showed a substantial                                                      nal receipts, invoic-     sale. When you set discounted             potential consumer should

                         ments) are even more
profit.” This was the                                                     es, bill of sales and     promotional pricing that must             become interested in the prod-
first store owned and                                                     other original papers     be considered as well. Does a             uct and understand the benefit

                         essential to business survival
operated by James                                                         that describe (and        discounted promotional price              of the product or service. How
Cash Penney, yes,                                                         confirm) that the         and the advertising expense               will your product or service

                         and growth. They are also
founder of the JC                                                         entries made on           mean a loss on a particular               make life easier or more enjoy-
Penney stores. How                                                        financial statements      sale item? Is that a calculated           able? The creative aspect of a
did they know they
had a substantial
                         valuable tools for owners                        are legitimate. A
                                                                                                    loss to bring business in the
                                                                                                    door in anticipation of a multi-
                                                                                                                                              clever and intriguing ad should
                                                                                                                                              help elicit interest. Invest wise-
profit?                  and managers to monitor                          strengths, weak-          item sale? Does that technique
                                                                                                                                              ly. A poorly conceived or exe-
                                                                                                                                              cuted advertising campaign can
                         and control business opera-
   Granted, financial                                                     nesses and prob-
statements are more                                                       lems are very obvi-          Advertising is a fundamental           harm your business.

                         tions, plan growth and prof-
complicated today                                                         ous when financial        business question. The answer             Advertising is an investment
than they were 100                                                        statements are scru-      is yes— if you are a retailer you         and the time and money invest-

                         itability, and to confirm the
years ago. But my                                                         tinized by a loan offi-   should advertise. The question            ed should add value to the bot-
guess is that the                                                         cer, investor, govern-    now becomes how to budget                 tom line. You want foot traffic

                         accuracy of reports made by
Golden Rule Store                                                         ment auditor and          and implement an effective                and you want increased sales
recognized their profit                                                   many other profes-        advertising program. Plan your            volume—advertising can help

                         everyone in the company.”
in 1902 by reviewing                                                      sionals.                  expected highs and lows for               make it happen.
the books – not just                                                         Based on the           foot traffic and sales volume.
counting the cash.                                                        answers to basic          Develop a one-year advertising
Furthermore, most                                                         questions concern-
financial people today would agree that the     ing financial statements, the majority of my

                                                                                                       Chuuk SBDC Training
JC Penney Company could not have                (mentioned above) class did not know how
expanded so quickly over the years without      to read financial statements. Some people
them. Today, in our world of fierce global      appeared reluctant and even disgusted that
competition, access to timely, accurate and     the topic was to be discussed. But, the abili-
properly structured financial statements, and   ty to read financial statements is a skill that         Chuuk Small Business Development Center’s (SBDC) training sessions are
the ability to read them are even more          can be learned quickly and constantly                   open to all qualified small business owners, managers and key personnel, and
essential to business survival and growth.      improved upon with practice.                            to individuals planning to open or thinking about opening a small business ven-
    Financial statements, which include the       Business owners and managers have a
                                                                                                        ture. All training sessions are FREE OF CHARGE. The sessions are held at the
Income Statement (Profit or Loss), the          choice. They can either be like Frank &
Balance Sheet and Cash Flow, have many          Ernest talking with IRS “I use the “Sudoku”             Chuuk SBDC, which is located on the 2nd floor of building B at Chuuk high
important uses. Most of the time, bookkeep-     method of accounting. I fill all the blanks             school. Enrollment in all classes is limited. For more information please contact
ing and financial statements are considered     with numbers that will get me the totals I’m            the Chuuk SBDC at (691)330-5846 or email
important only at tax time. But there are       looking for!” Or, they can follow the Golden   Request for reason-
many other reasons to keep good financial       Rule example of JC Penney. Seriously, con-              able accommodations must be made
records. Bankers, bonding companies,            tact your friendly CPA or other certified               72 hours in advance. Services
insurance companies, investors and some         accountant to get set up properly. Then                 are extended to the public
vendors require them to judge the strengths     make sure someone does the bookkeeping                  on a non-discriminatory
and weaknesses of the company in calculat-      on a regular basis so you can count the
ing the level of risk they face in extending    cash and make the rules.
credit, insuring, or making investments.

                                                                                                                                                                          Pacific Business Partners
                                                                                            Interns: Assessment Survey Research Interns from
                                                                                            Left to Right: Janice T. Fangalibuw, Erica B. Beyan,
                                                                                            Jeremiah B. Buchun, and Alysaa G. Falruw.

 Needs Assessment and Service Learning Provide
 a Development Platform for Young Interns in Yap
By Yap SBDC                                        munity. The members of the group offered labor              be viewed as meeting all the necessary condi-
                                                   and expertise in computers. They played key                 tions for creating involved citizens, but it is one
  In creating a solid foundation for the young     roles in making decisions on how the project is             step in the process. As business development
people to develop into involved citizens, if not   designed, implemented, and utilized. They were              enablers, we must take advantage of the oppor-
successful entrepreneurs, the Yap Small            also given an opportunity to have classroom and             tunity to harness the energy and enthusiasm of
Business Development Center (SBDC), in coor-       experiential learning about business develop-               youth if a more sustained business development
dination with other State agencies and the Yap     ment and needs assessment which helped them                 is to continue to be realized.
Chamber of Commerce, employs a strategy of         to get involved in their business community                    For more information on the services available
integrating community service learning with        while providing a valuable service.                         through the YAP Small Business Development
business development. The strategy builds upon       Upon completion, the project resulted in a                Center, please contact 691-350-4801 or stop by
two methods of development: 1) conducting a        valid needs assessment analysis of the YAP                  the office at Suite #205 Small Business
needs assessment survey and 2) incorporating       local business community. This project was                  Incubator Colonia Yap. Interested individuals
student interns in the development process.        implemented at a much lower cost with a high                may also visit the website at
  For five weeks this summer, a group of           return of involvement of our local resources.     
research interns carried out a business develop-     For those considering similar projects, they
ment needs analysis on the local business com-     need to keep in mind that the model should not

Yap SBDC Training Schedule
August 2008                                                                                                                      uals planning to open or considering
Customer Service – Phone Etiquette                 Financials – Calculate Start up costs,                                       starting a small business venture. All
Handling Difficult Situations with Class           Income Statements and Balance                                               workshops are FREE OF CHARGE and
Time Management                                    Sheets                                                                      will be held at the YAP SBDC. For
Organizing Business Data – Excel                                                                                              more information on workshop
MS Excel for Business Applications I               October 2008                                                           dates/times, please call Jacinta Primo (691)-
MS Excel for Business Applications II              Entrepreneurship Institute for                             350-4801/4802. Individuals interested in attending the
MS Excel for Business Applications III             Youth                                                      workshop can submit a web request at www.pacificsb-
Needs Assessment Analysis                          MS Excel for Business Applications I              or email Requests for reason-
                                                   MS Excel for Business Applications II                      able accommodations must be made 72 hours in
September 2008                                     MS Excel for Business Applications III                     advance. Services are extended to the public on a non-
Best Price Analysis – Excel                                                                                   discriminatory basis. Please note: this training schedule
Break – Even Analysis                              Yap SBDC workshops are open to all qualified small         is subject to change without notice.
Time Management                                    business owners, managers, key personnel and individ-

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